It was led by private-equity firm TPG and hedge fund Coatue
Management. Including this new round, Box has raised over $560
million to date.

One thing to note: That $2.4 billion valuation is only a tad bit
higher than it was when Box took on its last mega-investment. In
December,
the company raised $100 million on a $2 billion
valuation.

Then in March, the paperwork for its planned $250 million IPO
became public. But the jaws dropped in the tech industry when
people saw Box's financial state.

The company was gobbling through its cash at a rapid rate,
spending
loads of money on sales and marketing to acquire more
customers. That's a common strategy for IPO-bound tech
startups, particularly in the cloud computing industry because
with cloud computing, customers pay for the service over time.
The faster these startups can sign up customers, the faster
they'll get to the day when their ongoing, recurring revenue is
huge.

Still, Box's financials were a source of controversy. Some, like
early investor Mark Cuban, who bailed on Box, slammed
the startups for losing so much money. Others,
like Tien Tzuo, CEO of cloud accounting software provider
Zuora, defended Box, calling
CEO Aaron Levie a genius.

That report shows that Box is still spending a lot on sales and
marketing, $47.4 million in its first quarter 2014, compared to
$33.9 million Q1 2013. However, it also shows revenue in Q1
was $45.3 million, up 94%, compared to
$23.4 million in Q1 2013. The number of paying
customers is up, too, to 39,000 (compared to the previously
reported 34,000). The company says that more than 240,000
organizations are using Box.